Wellington Management Group LLP Has $24.14 Million Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Wellington Management Group LLP increased its holdings in Corteva, Inc. by 91.3% in Q1, owning over $24.14 million worth of stock at the end of the quarter.
• Corteva's recent quarterly earnings exceeded analysts' expectations, reporting an EPS of $2.20 against a consensus estimate of $1.89, along with revenue growth of 5.6% year-over-year.
• The company recently announced a quarterly dividend increase to $0.18 per share, up from the previous $0.17, with an ex-dividend date of September 2nd.

Wellington Management Group LLP grew its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 91.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 383,553 shares of the company's stock after buying an additional 183,075 shares during the period. Wellington Management Group LLP owned 0.06% of Corteva worth $24,137,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cary Street Partners Financial LLC lifted its position in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock valued at $5,677,000 after buying an additional 15,448 shares during the last quarter. Scissortail Wealth Management LLC lifted its position in shares of Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock valued at $206,000 after buying an additional 3,604 shares during the last quarter. Allworth Financial LP lifted its position in shares of Corteva by 11.8% in the first quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after buying an additional 1,614 shares during the last quarter. Brighton Jones LLC lifted its position in shares of Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after buying an additional 11,760 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after buying an additional 536 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

Corteva stock opened at $73.62 on Tuesday. The stock's fifty day moving average price is $73.41 and its two-hundred day moving average price is $67.18. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The firm has a market cap of $50.00 billion, a PE ratio of 35.91, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the company earned $1.83 EPS. The company's revenue was up 5.6% on a year-over-year basis. As a group, research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Corteva's dividend payout ratio is 33.17%.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of recent analyst reports. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Oppenheimer set a $87.00 target price on Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, Zacks Research upgraded Corteva to a "hold" rating in a research note on Friday, August 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Corteva Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.

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